Asana’s (ASAN) Overweight Rating Reaffirmed at Piper Sandler

Asana (NYSE:ASAN)‘s stock had its “overweight” rating reissued by Piper Sandler in a research report issued on Thursday,Benzinga reports. They presently have a $27.00 price target on the stock. Piper Sandler’s target price points to a potential upside of 24.02% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Scotiabank lifted their price objective on Asana from $15.00 to $18.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. boosted their price objective on shares of Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a report on Friday, December 6th. Jefferies Financial Group raised their target price on shares of Asana from $16.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $10.00 target price on shares of Asana in a research report on Friday, December 6th. Finally, JMP Securities increased their price target on Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Asana presently has a consensus rating of “Hold” and a consensus price target of $17.73.

Asana Stock Performance

Shares of ASAN opened at $21.77 on Thursday. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -19.44 and a beta of 1.11. The business’s fifty day simple moving average is $20.87 and its two-hundred day simple moving average is $15.74. Asana has a 12 month low of $11.05 and a 12 month high of $27.77. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.17.

Insiders Place Their Bets

In related news, Director Justin Rosenstein sold 196,067 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $21.78, for a total value of $4,270,339.26. Following the completion of the transaction, the director now owns 1,651,242 shares of the company’s stock, valued at approximately $35,964,050.76. This represents a 10.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Anne Raimondi sold 27,233 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at $15,931,992.05. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 573,300 shares of company stock worth $12,197,068 over the last quarter. 63.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Asana

A number of hedge funds have recently made changes to their positions in ASAN. JPMorgan Chase & Co. lifted its holdings in Asana by 105.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 832,598 shares of the company’s stock worth $9,650,000 after purchasing an additional 427,576 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Asana in the third quarter worth $538,000. Neo Ivy Capital Management boosted its position in shares of Asana by 195.1% during the third quarter. Neo Ivy Capital Management now owns 169,454 shares of the company’s stock worth $1,964,000 after acquiring an additional 112,038 shares during the last quarter. Friedenthal Financial purchased a new position in Asana during the fourth quarter valued at $762,000. Finally, Intech Investment Management LLC bought a new stake in Asana in the 3rd quarter valued at $456,000. Institutional investors own 26.21% of the company’s stock.

About Asana

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.